Maybourne Hotel Group

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Maybourne Hotel Group is a British luxury hotel operator, that owns and manages The Berkeley, Claridge's and The Connaught.

In 2004, Irish businessman Derek Quinlan formed takeover vehicle Coroin Ltd, majority owned by his own company Quinlan Private, to take over the then Savoy Group of hotels and London properties. Other shareholders included Irish property entrepreneur Patrick McKillen, who took a 36% stake. After selling The Savoy, the company was renamed on January 24, 2005 as the Maybourne Hotel Group.[1][2][3][4][5]

After Quinlan fell into financial difficulties during the Financial crisis of 2007–2008, the group sought additional investors to offset its outstanding £660M debt. The Barclay brothers who also own the Ritz Hotel, took a minority stake in 2011. By this time, the Irish National Asset Management Agency had taken control of the outstanding bank debt, and later agreed sale to the Barclay brothers. This resulted in a London High Court case between the Barclays and McKillen to resolve control of the £1Bn asset group.[6] In August 2012 the High Court found in favour of the Barclays, a ruling confirmed in the Court of Appeal in July 2013.[7] However, by March 2014 McKillen was still seeking control of the company via his own and Quinlan's shareholdings in Coroin.[8]

On 22 December 2012 Maybourne Hotel Group announced that it had completed its planned refinancing with a loan of £547 million in five year debt facilities arranged by Blackstone Real Estate Debt Strategies (BREDS). The loan was underwritten by Bank of America Merrill Lynch (BAML), the Royal Bank of Canada (RBC), Wells Fargo Bank (Wells) and BREDS. This followed a rights issue of £145 million concluded earlier the same week with its existing shareholders. The Group stated that this would enable it to repay its current £660 million loan and continue to invest in its hotels.[9]

In May 2015 the Middle Eastern group Qatar's Constellation Hotels gained a 64% stake in the company.[10]

References[edit]

  1. ^ Sharkey, Joe (January 25, 2005). "Business Travel; Memo Pad - Savoy No More". The New York Times. Retrieved 18 April 2010. 
  2. ^ Walsh, Dominic (January 25, 2005). "Savoy Group changes name after deal". The Times. London. Retrieved 18 April 2010. 
  3. ^ Dineen, Maeve (December 29, 2008). "Quinlan considers expanding exclusive hotel group". Irish Independent. Retrieved 18 April 2010. 
  4. ^ Kleinman, Mark (27 December 2008). "Claridge's owner seeks funding". Daily Telegraph. London. Retrieved 18 April 2010. 
  5. ^ "Maybourne Hotel Group". CatererSearch.com. 14 June 2006. Retrieved 18 April 2010. 
  6. ^ Russell, Jonathan (19 March 2012). "Courtroom clash over Maybourne Hotel Group". The Daily Telegraph. London. 
  7. ^ Farmer, Brian. "Ulster Developer Facing Pounds 20m Legal Bill over Lost Case." Belfast Telegraph. Independent News & Media PLC. 2013. Retrieved December 02, 2014 from HighBeam Research: http://www.highbeam.com/doc/1P2-34854274.html
  8. ^ Mark Hennessy; Tom Lyons. "McKillen Wins Fight for Control of [Euro]800m IBRC Loans but Battle with Barclay Brothers Continues ; Good Week for Irish Tycoon as He Ensures Control of His IBRC Debts in Latest Twist in Saga." The Irish Times. 2014. Retrieved December 02, 2014 from HighBeam Research: http://www.highbeam.com/doc/1P2-35771236.html
  9. ^ "Maybourne Hotel Group Closes on Refinancing Plan." Travel & Leisure Close-Up. Close-Up Media, Inc. 2012. Retrieved December 02, 2014 from HighBeam Research: http://www.highbeam.com/doc/1G1-313444100.html
  10. ^ "Qataris take majority stake in luxury London hotel group" http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/leisure/11559656/Qataris-take-majority-stake-in-luxury-London-hotel-group.html

External links[edit]